Oil & Gas Refining
California regulator: California should increase fuel imports and halt margin cap
California's Energy Regulator on Friday suggested new rules that would encourage private investment in fuel imports, and put a hold on the refiner profit limit. The regulator hoped to prevent gasoline prices in California from soaring as the state prepares for the closing of two major refineries. California Energy Commission's recommendations came as a response to Governor Gavin Newsom's letter requesting changes in the state energy transition effort by July 1. California will face higher fuel prices due to the planned closures of Phillips 66's and Valero Energy's refineries. CEC Vice-Chair Siva Gunda admitted that the closure of refineries could...